Robert Horvath and Todd Tremblay of Marcus & Millichap Real Estate Investment Services, were the sole brokers in the sale of 60 Dix St., Lowell, and 3 Park St., Beverly, Mass.
Park Street, was a mixed use rooming house located in downtown Beverly that sold for $900,000. The building, owned by a local investor, was purchased by the North Shore Veteran's Counseling Services, Inc.
60 Dix St., was a 18,084 s/f, vacant, industrial building located just off the Lowell connector. The building, owned by Banco Popular, was purchased by a regional auto parts retailer for $452,100 or $25 per s/f.
"We are beginning to see many of the distressed assets that we have provided analysis for over the past year finally come to market. Over the past 6 months, our Boston team has provided advisory services on over 100 different properties in New England for financial institutions. Over the past 12 months, Marcus & Millichap has marketed and closed $1.7 billion in distressed assets," said Horvath.
With more than 1,300 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.